WEEKLY: China's ferrous scrap prices soften as demand weakens

Chinese prices for steel scrap nudged lower during the past week in parallel with the weakening steel prices, and overall demand for scrap materials among domestic steel producers declined further, Mysteel's latest survey results showed.

As of October 17, China's composite steel scrap price was assessed by Mysteel at Yuan 2,432/tonne ($341/t), slightly lower by 0.3% from a week earlier, while the country's national spot price for HRB400E 20mm diameter rebar dropped by a marked 1.1% or Yuan 35/t on week to sit low